Warning to workers about to retire: what they should NOT do

Warning to workers about to retire: what they should NOT do
Warning to workers about to retire: what they should NOT do

The debate around the pension has gained relevance in recent days, with the proposal of pension reform promoted by the Government of Gustavo Petrowhich is currently continuing its course in the Colombian Congress of the Republic.

As this reform progresses, thousands of workers who are about to reach the necessary requirements to retire They are mired in uncertainty regarding how this measure will affect them.

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According to what is established, to access the pension, 1,300 weeks of contributions are required for men and women, as well as reaching the corresponding age, which is 62 years for men and 57 years for women.

The Ministry of Labor, led by Gloria Inés Ramírez, has assured that The reform proposed by Petro will not alter pension conditions of those workers who already have 700 weeks of contributions in the case of women, and 1,000 weeks in the case of men.

That is, those who exceed these figures will continue under the current pension system and will not be affected by the eventual approval of the reform.

Mistakes made by workers about to retire

Now, taking into account the previous context, financial experts have identified three common mistakes among workers who are close to retiring. According to a Wall Street Journal (WSJ) report, these errors are:

The first is the lack of planning what they will do with their time once they reach retirement. This is because many are clear about the monthly money they will receive, but very few have defined how they will use it. Whether it is to invest it, improve your quality of life or satisfy basic needs, it is essential to have a plan in place.

Another common mistake is reckless investment of resources. Experts warn that retirees have less time to recover their investments, making it even more difficult to recover from financial losses.

Finally, acquiring unnecessary debts is another common mistake. Experts argue that these debts can have a significant impact on finances and restrict access to many of the privileges associated with the pension.

Read also: Who is entitled to a pension bonus in Colombia?

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